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Tax provision (Tables)
 12 Months Ended
Dec. 31, 2024
Disclosure of Income Tax [Abstract]  
Major components of income tax
20242023
Earnings:
Current tax$(118)$(61)
Deferred tax recovery (provision)74 122 
Tax recovery (provision) on earnings$(43)$61 

Other comprehensive earnings:
Deferred tax recovery (provision) on retirement benefit actuarial loss (gain)$(3)$12 
Tax recovery (provision) on comprehensive earnings$(46)$73 
Income tax rate reconciliation
The tax provision differs from the amount that would have resulted from applying the British Columbia statutory income tax rate to earnings before tax as follows:
20242023
Income tax recovery (expense) at statutory rate of 27%$(10)$62 
Rate differentials between jurisdictions and on specified activities(7)(3)
Non-taxable amounts including goodwill impairment(20)— 
Impact of functional currency differences(6)— 
Income tax credits5 — 
Valuation allowance on deferred tax attributes(2)— 
Other(3)2 
Tax recovery (provision)$(43)$61 
Deferred income tax liabilities and assets
Deferred income tax liabilities (assets) are made up of the following components:
20242023
Property, plant, equipment and intangibles$681 $737 
Reforestation and decommissioning obligations(27)(30)
Employee benefits(25)(22)
Export duties93 90 
Tax loss carry-forwards1
(70)(47)
Inventory(16)(12)
Other(34)(39)
$602 $677 
Represented by:
Deferred income tax assets$(7)$(6)
Deferred income tax liabilities609 683 
$602 $677 
1.We have $304 million of net operating loss carry-forwards in various jurisdictions (December 31, 2023 - $241 million), $227 million of U.S. state net operating loss carry-forwards (December 31, 2023 - $306 million), and $95 million of capital loss carry-forwards (December 31, 2023 - $83 million). A portion of these losses expire over various periods starting in 2025. The net operating losses that have not been recognized as of December 31, 2024 are $30 million in various jurisdictions (December 31, 2023 - $32 million) and $205 million for U.S. states (December 31, 2023 - $270 million). Capital losses that have not been recognized as of December 31, 2024 are $95 million (December 31, 2023 - $83 million).